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Highlights
- UK PM Rishi Sunak is likely to announce a huge gas deal with the US in an attempt to reduce the effect of the ongoing energy crisis.
- An official announcement regarding the plan is anticipated after the Cop27 summit taking place in Egypt comes to an end.
- Energy supply chains across the globe have been significantly affected due to the escalation of the Russia-Ukraine crisis.
Amid the skyrocketing energy costs, UK PM Rishi Sunak is likely to announce a huge gas deal with the US in an attempt to reduce the effect of the ongoing energy crisis. The plan, under which the US would sell billions of cubic metres of liquefied natural gas to the UK over the upcoming year, is now in its final phases of discussion, as per recent reports. An official announcement regarding the plan is anticipated after the COP27 summit taking place in Egypt comes to an end.
Britain hopes the US will be able to provide 10 billion cubic metres of LNG over the coming year. Reports suggest that the negotiations are in the final stages, and an announcement may come after the COP27 summit.
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Energy supply chains across the globe have been significantly affected due to the escalation of the Russia-Ukraine crisis. Warnings have been issued: if the European gas exports are slashed, people would have to deal with blackouts for hours through the rough winter months.
Gas is used to heat approximately 85% of UK homes and helps in about 40% of nationwide electricity generation. Thus, gas is a vital component of the country’s energy mix. The majority of the UK’s gas supplies come from Europe. Last year, nearly 17% of the country’s gas came from the US, Qatar, and Russia. However, Russian imports have gone down this year due to the war.
Amid this news, Kalkine Media® explores the performance of three LSE-listed energy stocks.
Energean plc (LON: ENOG)
The FTSE250-listed hydrogen producer and explorer, Energean plc, has a market capitalisation of £2,793.46 million as of 8 November. At around 12:55 PM (GMT) on Tuesday, ENOG shares were down by 33 points, or 2.10%, while trading at GBX 1,536.00. The company has given returns of 72.51% over the past one year, while its YTD (year to date) return as of 8 November stands at 79.47%. Energean currently has a negative EPS (earning per share) of -0.54.
Hunting plc (LON: HTG)
The company offering energy-related services globally, Hunting plc, has a market capitalisation of £491.52 million as of 8 November. At around 1:00 PM (GMT) on Tuesday, HTG shares were up by 0.50 points, or 0.17%, while trading at GBX 298.50. The company has given returns of 74.82% over the past one year, while its YTD return as of 8 November stands at 76.26%. Hunting currently has a negative EPS of -0.53.
Shell plc (LON: SHEL)
The FTSE100-listed oil and gas giant, Shell plc, has a market capitalisation of £177,675.39 million as of 8 November. At around 1:00 PM (GMT) on Tuesday, SHEL shares were down by 40.50 points, or 1.62%, while trading at GBX 2,460.50. The company has given returns of 46.29% over the past one year, while its YTD return as of 8 November stands at 51.68%. Shell currently has a positive EPS of 2.59.
